keep your money in u.s. government bonds which yield about 1.7 or 1.8%, adjust it for inflation and taxes, and that instrument doesn't long at 1.7% and 1.8%. >> so you're not a big seller? you know the issues as well as anybody else. you have a sluggish economy, housing may be doing a little bit better, but business is not investing right now. you have earnings way below what people expected. you have revenues way below. the stock market in the throes of a 3% correction. even before we get to the election-year politics and shenanigans, just right now, how long do you think this earnings correction in stocks will go on? >> well, i think the main reason why we have moved into a zone of neutrality in our investment view is because we think the profit cycle is peaking. having said that, basically the stock market is still relatively undemanding in its valuation. i don't want to sound like a statistician. to some extent, all of us in the stocks business has to be. but the p/e averaged about 15 for the s&p. in tha